The Jaipur-headquartered lender, which is in transition to a universal bank, also announced Chief Operating Officer Yogesh Jain as Deputy Chief Executive Officer to strengthen leadership bandwidth.
Its pre-provision operating profit rose 9% year-on-year to Rs. 1435 crores, which was Rs. 2695 crore supported a 32 per cent rise in net interest income while a 97 per cent decline in treasury earnings led to a 15 per cent drop in other income to Rs. 689 crores.
Net interest margin for the quarter was 5.9%, an improvement of 47 basis points over the year-ago period. The key ratio however moderated by 7 bps quarter-on-quarter.
The bank’s operating expenses increased by 26% year-on-year to Rs. 1949 crore, which the bank attributed to higher business volume and investment in distribution, manpower, branding and technology.
Gross non-performing assets ratio increased to 2.1% as on June 30
2.5% a year ago, driven by a 22% decline in fresh slippage to Rs. 798 crore with support. Provision for the quarter Rs. 533 crores down by 30% to Rs. 372 crore, which was due to normalization of unsecured business, the bank said.
Its gross loan portfolio grew by 23% year-on-year to Rs. 1.44 lakh crore, with secured business growth at 25% outpacing unsecured loan expansion at 11%. Total deposits increased by 24% to Rs. 1.58 crore has been done.
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